What is the Bank Secrecy Act (BSA)? | A Definition by UpGuard

What is the Bank Secrecy Act (BSA)?

The Bank Secrecy Act (BSA) aims to prevent financial institutions from laundering money.

BSA expects national banks to implement the following controls:

A clear data breach remediation policy
The detection of money laundering events
Detection of terrorist financing activities
A reliable communication channel with law enforcement to report launching practices

Key takeaways

BSA compliance is mandatory for all financial entities processing customer transactions.
Penalties for non-compliance could include a fine of up to $250,000 and up to 5 years imprisonment.
The BSA is the primary anti-money laundering law in the United States.

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